sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback … effects on the macroeconomy. Research on disaster risks has also actively been pursued in the macroeconomic models of climate … change. Our paper uses insights from the former work to study disaster risks in the macroeconomics of climate change and to …

sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback e …?ects on the macroecon-omy. Research on disaster risks has also actively been pursued in the macroeconomic models of climate … change. Our paper uses insights from the former work to study disaster risks in the macroeconomics of climate change and to …

-ante perspective, disaster risk behaves as a negative demand shock and lowers the natural rate and inflation, even if disasters hit … frequent, a scenario compatible with climate change projections. From an ex-post perspective, a disaster realization leads to … temporarily higher natural rate and inflation if supply-side effects prevail. If agents' risk aversion increases temporarily …